1. No taxes on Bitcoin
Biden wants to kill crypto by removing tax loopholes on crypto traders and slapping Bitcoin miners with hefty rates. RFK Jr. on the other hand wants to make Bitcoin exempt from capital gains taxes when converting BTC to USD. A world without taxes on Bitcoin, yes please! Sign me up! RFK Jr. himself obviously stands to benefit from his own promise, given he has disclosed owning up to $250K in Bitcoin. And early investors too. If you got in back in the early, early days and HODL’d ever since, that’s one heck of a fortune and a massive middle finger to the IRS. But, the bigger picture, this would grow innovation Stateside.
2. Back the US dollar with Bitcoin
Bitcoin as the new reserve currency. Now, this one needs some explaining. RFK Jr. has said he plans to back the US Dollar with “hard currency including gold, silver, platinum or Bitcoin.”
He believes it will:
- keep inflation under control
- strengthen the US Dollar
But we can’t forget about this thing we call volatility. So keeping that in mind, RFK Jr. plans to start small with 1% of US Treasury bills backed by commodities.
All this is not only one big if, but two:
- If he gets elected and
- If he sticks to his promise once President. Politicians can talk a good game until they get what they want. Time will tell!
